An Empirical Research On The Impact Of Bank-Enterprise Linkage On The Growth Of Listed Private Enterprises

Over the past 40 years of the reform and opening-up,private enterprises have experienced a difficult development process from weak to strong.Nowadays,the private economy has become an important part of China's economy,has made great contributions to national tax revenue,and has solved many jobs.However,due to the limitation of the existing credit resources in China,financial constraint still plague most private enterprises.Although the state tries its best to give policy support to private enterprises in all aspects,due to the small scale,opaque financial information disclosure,uncertain future development and other factors,private enterprises have been subjected to unequal treatment in the allocation of credit resources,resulting in financial constraint and expensive financing cost,which has been hampering the development and growth of private economy.However,in light of the actual situation,it is not difficult for us to find.Nowadays,the development of private enterprises has not stagnated.This is mainly due to the existence of an informal alternative mechanism in financing,one of which is bank-enterprise linkages.In recent years,the bank-enterprise linkages has gradually become a hot issue in the field of finance.In the process of the research in this field,most experts have reached a relatively consistent conclusion that bank-enterprise linkage can overcome financial constraint and ease financing constraints to a large extent,but after overcoming financial constraint,there are relatively few studies on the impact of bank-enterprise linkage on the future growth of private enterprises.Therefore,this paper will make a study on this issue.This study can not only provide guidance for the future improvement of the relationship between banks and enterprises,but also provide reference for the further improvement of the relevant rules and regulations of the relationship between banks and enterprises.Based on the data of A-share listed companies in China from 2012 to 2016,this paper studies the impact of bank-enterprise linkages on the growth ability of private enterprises.Firstly,it summarizes the background and significance of this study.Then,it makes a theoretical analysis on the basis of literature review,then describes the currentsituation of bank-enterprise linkages,and puts forward hypotheses on this basis.Then the regression model of empirical analysis is constructed to examine the impact of bank-enterprise linkages on enterprise growth.This paper explores the relationship between the two and the growth of enterprises from the perspectives of executive correlation and shareholding correlation.It also analyses the impact of bank-enterprise affiliation on the development of enterprises under the circumstances of different scale of enterprises and different industries.It is also an innovative point of this paper to verify the impact of bank-enterprise linkages on the growth of enterprises in different industries.The results show that bank-enterprise linkages have the following effects on the growth of enterprises.(1)The growth of private enterprises is better than that of private enterprises without bank-enterprise affiliation,regardless of ownership affiliation or executive affiliation.(2)Different types of bank-enterprise linkages play different roles in promoting enterprises.The research shows that the promotion effect of Executive Association on enterprise growth is more significant than that of shareholding association.(3)Bank-enterprise association plays a different role in promoting the growth of different scale enterprises.Compared with large enterprises,bank-enterprise association plays a more important role in the development of small and medium-sized private enterprises.(4)The influence of bank-enterprise Association on enterprises in different industries is different,and the promotion effect of bank-enterprise Association on the development of real estate industry is the most obvious.